|
|
Article: Fitch Rates Vornado Realty's $250MM Unsecured Note Offering 'BBB'.
- Article from:
- Business Wire
- Article date:
- February 15, 2006
CopyrightCOPYRIGHT 2006 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
NEW YORK -- Fitch Ratings has assigned its 'BBB' rating to the recent offering of $250 million 5.60% senior unsecured notes due Feb. 15, 2011 by Vornado Realty L.P., the operating partnership of Vornado Realty Trust (Vornado or the company) (NYSE:VNO). The net proceeds from this offering are expected to be utilized for general corporate purposes. The Rating Outlook is Stable.
Credit strengths include a sizable unencumbered asset pool, of which Fitch estimates that undepreciated book capital on these real estate assets support unsecured borrowings by roughly 4 times(x), a well-diversified tenant roster with only one tenant (the U.S Government) representing greater ...